TEMENOS Group AG, a provider of integrated core banking software, today announced its first quarter 2005 financial results.
Highlights of the first quarter include its T24 ILF signings at US$ 12 million, up 58% compared to Q1 2004. Also, maintenance revenues up 27.3% compared to Q1 2004 and total expenses down 6.2.% compared to Q1 2004
The company also reports accrued revenues of US$ 19.7 million for Q1 2005 (Q1 2004: US$ 35.9 million) down 45.1%
“Although first quarter comparatives are unfavourable due to large TCB deal in the first quarter of last year, TEMENOS has made a strong start to the year,” Andreas Andreades, chief executive of TEMENOS, said. “In particular, the level of T24 signings has been excellent, growing by 58% compared to last year and our maintenance revenue, which is the recurring part of our business, growing at 27% to last year. We have continued to control our costs for the ninth quarter in a row. There is increasing evidence that the banking sector is looking to replace ageing legacy systems, and we expect continuing robust growth in core spending for retail and universal banks on a global basis over the next 12-18 months.”